SANTA PAULA, CA - Successful quarterly results were recently released by Limoneira Company. For the third quarter ended July 31, 2024, the supplier reported a total net revenue was $63.3 million, compared to total net revenue of $52.5 million in the third quarter of the previous fiscal year.
“We are extremely pleased with the overall performance of our business this quarter, in particular our avocados experienced robust demand and favorable pricing dynamics,” stated Harold Edwards, President and Chief Executive Officer. “This strong market response positions us to achieve record avocado revenue this fiscal year. Further, we anticipate reaching a milestone as our avocado segment is expected to contribute approximately four million to five million pounds in our seasonably softer fourth quarter for the first time in our company’s history. These results validate our strategic decision to significantly expand our avocado production by 1,000 acres over the next three years.”
According to a press release, agribusiness revenue was $61.8 million, compared to $51.1 million in the third quarter of last fiscal year. Other operations revenue was $1.5 million, compared to $1.4 million in the same quarter of last fiscal year.
“In addition to our agricultural success, our real estate development joint venture, Harvest at Limoneira (Harvest), has seen increased momentum in the current lower interest rate environment with steady home sales,” Edwards continued. “The expansion of avocado production, coupled with the ongoing expected earnings from Harvest, reinforces our confidence in achieving strong EBITDA growth into the future. The success across multiple segments of our business underscores our commitment to sustainable growth and value creation for our stockholders.”
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